2014 annual report

From Vision to Scale

WHO WE ARE

MAF is a nonprofit organization working to create a fair financial marketplace for hardworking families.

We help financially excluded communities become visible, active, and successful participants in the U.S. financial mainstream.

Respect people for who they are

Meet them where they are

Build on what they have

Letter from Jose

17 million adults don’t have access to bank accounts to manage their
finances and over 54 million don’t have credit reports. Why is that a
problem? Because credit reports are like passports into the financial
marketplace. Without them, people are denied access at every turn.

From sponsoring groundbreaking legislation in California (SB 896), to
launching our Social Loan Platform, to expanding a national network of
nonprofit partners, 2014 was an incredible year for us at MAF.

Before looking beyond the horizon, we want to take a moment to reflect
and celebrate how far we’ve come because of your support. Thank you for
believing in our work and willingness to explore new ways of working with
people, helping them overcome barriers in their path towards financial
security. Because of you, thousands of hardworking families are enjoying
the fruits of their labor and thousands more will likewise in years to
come.

Jose Quinonez, CEO

2014 Highlights

Expanding Partnerships

Demand for credit building products is all over the country, so
we hit the road to five cities this year to recruit new partners.
This year, we’ve added 17 new organizations to our network of
Lending Circles providers. These partnerships make it easier for
nonprofits to offer low-cost credit-building programs so their
clients get an effective, hands-on experience that transforms
their economic opportunity.

Moving To A New Office

We moved from our home of three years on Valencia Street to a new
building on Mission Street in September 2014. We loved our old office
but the new space gives us the opportunity to serve more of our
members with larger meeting rooms and better use of
technology.

Lending Circles

We developed a one-of-a-kind Social Loan platform that weaves
mobile‐friendly loan applications with automated credit
reporting, loan payment servicing, and Salesforce’s Communities.
This was a huge feat that will make it easier for us to manage
Lending Circles, for people to find and join a Lending Circle and
for nonprofits to become providers.

Getting A Fresh Design

A redesign of our website and logo have given us a new look. The
newest version of our logo better reflects the work we do and the
variety of communities we serve. The new pages of our website are
packed full of easy to read information that touches on all the
exciting work we have accomplished this year.

Programs

In addition to reaching a $3.7 million loan volume and 3,000
participants nationwide, we’ve launched two new programs:
Security Deposit Loan and Lending Circles for Home Ownership,
which will make it easier for our members to secure safe and
affordable housing. We are excited about creating meaningful
products with the flexibility of our new platform.

Passing SB 896

In an effort to make large-scale change, MAF worked hard to
create and pass SB 896 legislation that will enable more
nonprofits in California to facilitate credit-building loans.
When Governor Jerry Brown signed it into law in August 2014, MAF
celebrated an exciting chapter in our organization’s history and
that of the asset-building field.

Adding New Staff

We’ve added a few more awesome people to the team so we can better
meet the needs of our growing members. Their diverse skill sets will
be sure to add even more dynamism to work we do. Welcome Alyssa, Aparna,
Carmen, Isis, Jennifer, Karla, Tori and Ximena to the family!

Making The Media

From the New York Times to the Guardian to Univision, we got some great
media buzz this year (70 mentions!) on our programs and incredible members.
Every story got us tons of calls, emails and walk-ins and our staff was so
excited to see the overwhelming support and enthusiasm to join Lending
Circles and start building their credit.

Success stories

A Family Of Chefs

Luis and Zenaida are the rockstar couple behind D’Maize Catering, bringing authentic Salvadoran dishes to Bay Area. They used Lending Circles to invest in their business and turn their part-time passion into a full-time job that can support their family.

Bringing Sunshine To The Community

Leonor had years of business experience before coming to the US, but not having credit blocked her from being able to launch her new idea. Now, she’s promoting healthy living and entrepreneurship with her natural health business.

From Dreams To Medical School

New is a passionate public health advocate and the first undocumented student to enter UCSF Medical School. He used Lending Circles to build his credit and pay for his medical school applications fees.

NATIONAL NETWORK OF PARTNERS

21 Progress

Asian Economic Development Association

Asian Services in Action

AnewAmerica Community Corporation

CAPACES Leadership Institute

Catalyst Miami

Center for Pan Asian Community Services

Central City Neighborhood Partners

Chhaya Community Development Corporation

Chinese American Service League

Chinese Community Center

Comunidades Latinas Unidas en Servicio

El Centro de la Raza

Family Independence Initiative (Oakland and Boston)

Family Pathfinders

Financial Guidance Center of Nevada

First Place for Youth

Fremont Family Resource Center

Hawaiian Community Assets

Korean Resource Center

Latino Economic Development Center, DC

Mexican American Opportunity Foundation

National Coalition for Asian Pacific American Community Development (CAPACD)

Pilipino Workers Center of Southern California

San Francisco LGBT Community Center

The Next Door, Inc.

The Resurrection Project

United Way of Oakland (Sparkpoint)

YWCA of Fort Worth and Tarrant County

Our impact

Our financials

Our Growth

MAF was founded in 2007 with a $1 million grant from the Levi Strauss Foundation. Lending Circles launched in the Bay Area in 2008 and began scaling nationally in 2012.

2014 Expenses

We keep our administrative and development costs low so that we can focus on running our high-impact programs. Operating as a lean, sustainable organization with one office is key to our success.

Looking ahead to 2015

Expanding Reach

We’re excited to bring the power of credit building to new communities across the U.S. In 2015, we’ll deepen and expand our reach throughout the SF Bay Area and across the country by partnering with community based nonprofits looking to improve outcomes for their clients and strengthen their financial empowerment programs with credit-building.

Target Key Markets

This year, we have our eyes set on California, New York, Texas, Illinois, Florida and states in the Northwest that have vibrant and growing immigrant communities that are facing financial exclusion. We look forward to sharing a high-tech, community-based solution that works.

Relevant and Accessible Programs

Millions of immigrant families now have the amazing opportunity to gain three-year protective status through Deferred Action, lifting the fog of fear and uncertainty in their lives. Deferred Action will unleash their economic potential with opportunities for better paying jobs and access to education. In 2015, we will offer new programs and services to make sure that hardworking low-income families have a chance at a better future and ability to access services to meet their financial needs.

Funders

Visionaries

CFSI

Citi

JPMorganChase & Co

Levi Strauss Foundation

Innovators

Ford Foundation

Google

The James Irvine Foundation

Northwest Area Foundation

Salesforce Foundation

Tipping Point Community

Y&H Soda Foundation

Supporters

Annie E. Casey Foundation

Ashoka

Bank of America

Bank of the West

Capital One

Experian

Friedman Family Foundation

Goldhirsh Foundation

Heising-Simons Foundation

Marcled Foundation

Roy & Patricia Disney Family Foundation

San Francisco Mayor’s Office of Housing

San Francisco Office of Economic & Workforce Development

Silicon Valley Community Foundation

The San Francisco Foundation

Thompson Family Foundation

Walter and Elise Haas Fund

Wells Fargo

2013-2014 Donors

Salahadin Aberra

Joseph Antolin

John Blatz

Axel Brachet

Christine Comella

Chris Conover

Claire Engers

Theresa J. Feeley

Bonnie Freeman

Wenzhe Gao

Brigitte Gosselink

Elise Haas

Mary Hassler

Robin Karson

Steven Kaufman

Brian Komar

Jonathan Kummerfeld

Daniel Lau

Susan Lutz

John Maser

Dan Massey

Aditi Mohapatra

Jeff Osteen

Beverly Patterson

Jennifer Phillips

Robert Pinkard

Ira Rheingold

Connie Robinson

Lisa Sardegna

John Templeton

Sean Turbitt

Elsy Diaz Vasquez

Jon Voss

Sachiya Yoshii

Shawna Wolverton

Board Members

Anamaria Loya

Mona Masri

Sam Ruiz

Ian McLeod

Oscar Grande

Manuel Santamaria

Haydee Moreno

Vicki Joseph

Special Thanks

Itzel Calvo Medina

Jesus Castro

Bjorn Commers

Chris Conover

Nikhil Goel

Dan Massey

Sudarshan Upadhya

Kathryn Weinmann

Thank You

We wouldn't be here without the generous support of our community.

The passion and excitement of seeing our programs expand across the country demonstrates that we are heading in the right direction. We look forward to bringing Lending Circles to more communities nationwide.